WebJun 17, 2024 · Gain on Sale of Equipment $6,250 Interest Revenue $750 Total other revenues gains $7,000 ( $7,000) expenses and losses Net Income $20,000 np everything else was on point, it does get overwhelming in accounting Net Income= $34,000 not $20,000 Thanks for the correction. WebSolution: With the information above, the net book value of the equipment as at November 16, 2024, can be calculated as below: Net book value of fixed asset = Cost of fixed asset – Accumulated depreciation Net book value of equipment = $45,000 – $38,625 = $6,375 1- If the sale amount is $7,000

Disposal of Fixed Assets: How To Record the Journal Entry

WebGain on sale of equipment Capital expenditures 6.A company has Net Income of $20, which included $4 of depreciation expense. There were no other noncash expenses in Net Income and there were no gains or losses. Accounts receivable was $40 at the beginning of the year and $25 at the end of the year. WebGain on sale of equipment $ 6,150 Depreciation expense—Office copier $ 470 Office supplies expense 660 Sales discounts Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement. Show transcribed image text Expert Answer 89% (9 ratings) microsoft word is very slow

Asset Disposal - Definition, Journal Entries, Financial Statements

Webgain on sale of equipment definition. The amount by which the proceeds from the sale of equipment (that had been used in the business) exceeded its carrying amount at the time … WebFor example, we have a $2,500 gain on the sale of investment and a $6,500 depreciation expense charged on the income statement during the accounting period. And at the end … WebApr 12, 2024 · 1. Book value of equipment = Cost of equipment – Accumulated depreciation = $70,000 – $63,000 = $7,000 2. Gain on sale of equipment = Sale price – … microsoft word japanese postcard wizard